微晶片科技 (MCHP) 2022 Q2 法說會逐字稿

Good day, everyone, and welcome to Microchip's second quarter fiscal 2022 financial results. As a reminder, today's call is being recorded. At this time, I'd like to turn the call over to Microchip's Chief Financial Officer, Mr. Eric Bjornholt. Please go ahead.

大家好，歡迎閱讀 Microchip 2022 財年第二季度的財務業績。提醒一下，今天的通話正在錄音中。現在，我想將電話轉給 Microchip 的首席財務官 Eric Bjornholt 先生。請繼續。

All right. Thank you, and good afternoon, everyone. During the course of this conference call, we will be making projections and other forward-looking statements regarding future events or the future financial performance of the company. We wish to caution you that such statements are predictions and that actual events or results may differ materially. We refer you to our press release of today as well as our recent filings with the SEC that identify important risk factors that may impact Microchip's business and results of operations.

好的。謝謝，大家下午好。在本次電話會議期間，我們將對未來事件或公司未來的財務業績做出預測和其他前瞻性陳述。我們想提醒您，此類陳述是預測，實際事件或結果可能存在重大差異。請參閱我們今天的新聞稿以及我們最近向美國證券交易委員會提交的文件，這些文件確定了可能影響 Microchip 的業務和運營結果的重要風險因素。

In attendance with me today are Ganesh Moorthy, Microchip's President and CEO; Steve Sanghi, Microchip's Executive Chair; and Sajid Daudi , Microchip's Head of Investor Relations, who just joined us over the course of the last month. I will comment on our second quarter fiscal year 2022 financial performance. Ganesh will then provide commentary on our results, discuss the current business environment as well as our guidance. And Steve will provide an update on our cash return strategy. We will then be available to respond to specific investor and analyst questions.

今天和我一起出席的有 Microchip 總裁兼首席執行官 Ganesh Moorthy； Microchip 執行主席 Steve Sanghi；和 Sajid Daudi，Microchip 的投資者關係主管，他在上個月剛剛加入我們。我將評論我們 2022 財年第二季度的財務業績。 Ganesh 隨後將對我們的結果發表評論，討論當前的商業環境以及我們的指導。史蒂夫將提供我們現金返還策略的最新信息。然後我們將可以回答具體的投資者和分析師問題。

We are including information in our press release and in this conference call on various GAAP and non-GAAP measures. We have posted a full GAAP to non-GAAP reconciliation on the Investor Relations page of our website at www.microchip.com and included reconciliation information in our press release, which we believe you will find useful when comparing our GAAP and non-GAAP results. We have also posted a summary of our outstanding debt and our leverage metrics on our website.

我們在新聞稿和本次電話會議中包含了有關各種 GAAP 和非 GAAP 措施的信息。我們在我們網站 www.microchip.com 的投資者關係頁面上發布了完整的 GAAP 與非 GAAP 對帳，並在我們的新聞稿中包含了對帳信息，我們相信您在比較我們的 GAAP 和非 GAAP 結果時會發現這些信息很有用.我們還在我們的網站上發布了未償債務和槓桿指標的摘要。

I will now go through some of our operating results, including net sales, gross margin and operating expenses. Other than net sales, I will be referring to these results on a non-GAAP basis, which is based on expenses prior to the effects of our acquisition activities, share-based compensation and certain other adjustments as described in our press release.

我現在將介紹我們的一些經營業績，包括淨銷售額、毛利率和經營費用。除淨銷售額外，我將在非 GAAP 基礎上提及這些結果，這是基於我們的收購活動、基於股份的薪酬和我們新聞稿中所述的某些其他調整影響之前的費用。

Net sales in the September quarter were $1.65 billion, which was up 5.1% sequentially and up 26% compared to the September quarter of 2020. We have posted a summary of our GAAP net sales by product line and geography as well as our total end market demand on our website for your reference. On a non-GAAP basis, gross margins were a record at 65.3%, and operating income was a record 42.5%. Non-GAAP net income was a record $605.6 million. Our non-GAAP cash tax rate in the quarter was 6%. Non-GAAP earnings per diluted share are on a split adjusted basis exceeded the midpoint of our guidance and was a record $1.07. This reflects our recent 2-for-1 stock split that was effective for stockholders of record on October 4, 2021.

9 月季度的淨銷售額為 16.5 億美元，環比增長 5.1%，與 2020 年 9 月季度相比增長 26%。我們發布了按產品線和地域劃分的 GAAP 淨銷售額摘要以及我們的終端市場總額需求在我們的網站上供您參考。按非美國通用會計準則計算，毛利率達到創紀錄的 65.3%，營業收入達到創紀錄的 42.5%。非 GAAP 淨收入達到創紀錄的 6.056 億美元。我們本季度的非 GAAP 現金稅率為 6%。非 GAAP 每股攤薄收益在拆分調整的基礎上超過了我們指導的中點，達到創紀錄的 1.07 美元。這反映了我們最近對 2021 年 10 月 4 日登記在冊的股東有效的 2 股拆股。

On a GAAP basis, in the September quarter, gross margins were a record at 64.8% and include the impact of $9.1 million of share-based compensation expense. Total operating expenses were $652 million and include acquisition intangible amortization of $215.7 million, special charges of $10.2 million, $2.8 million of acquisition-related and other costs and share-based compensation of $46.6 million. GAAP net income was $242 million or $0.43 per diluted share and was negatively impacted by the GAAP loss on the convertible debt exchanges that we executed in the quarter, which were not included in our guidance. Our September quarter GAAP tax expense was impacted by a variety of factors, most notably the tax benefit recorded on the convertible debt exchange transactions that I just mentioned.

根據美國通用會計準則，在 9 月季度，毛利率達到創紀錄的 64.8%，其中包括 910 萬美元的股權補償費用的影響。總運營費用為 6.52 億美元，包括 2.157 億美元的收購無形攤銷、1020 萬美元的特殊費用、280 萬美元的收購相關成本和其他成本以及 4660 萬美元的股份補償。 GAAP 淨收入為 2.42 億美元或每股攤薄收益 0.43 美元，受到我們本季度執行的可轉換債券交易的 GAAP 虧損的負面影響，這不包括在我們的指導中。我們 9 月季度的 GAAP 稅收支出受到多種因素的影響，最顯著的是我剛才提到的可轉換債務交換交易記錄的稅收優惠。

Our inventory balance at September 30, 2021, was $713.6 million. We had 112 days of inventory at the end of the quarter, which was up 1 day from the prior quarter's level. Our levels of raw materials and work in progress increased in the quarter, which helps position us for the increased production we are expecting from our internal factories. We are ramping capacity in our internal and external factories so we can ship as much as possible to support customer requirements. Inventory at our distributors in the September quarter was at 19 days, which is a record low level and down from 20 days as of the end of the prior quarter.

截至 2021 年 9 月 30 日，我們的庫存餘額為 7.136 億美元。本季度末我們有 112 天的庫存，比上一季度的水平增加了 1 天。我們的原材料和在製品水平在本季度有所增加，這有助於我們為我們期望內部工廠增加的產量做好準備。我們正在提高內部和外部工廠的產能，以便我們可以盡可能多地發貨以滿足客戶的要求。 9 月季度我們經銷商的庫存為 19 天，創歷史新低，低於上一季度末的 20 天。

In the September quarter, we exchanged a total of $263.6 million of our 2025, 2027 and 2037 convertible subordinated notes for cash and shares of our common stock. We used cash generation during the quarter to fund the principal amount of the convertible debt exchanges, and we believe that these transactions will benefit stockholders by significantly reducing share count dilution to the extent our stock price appreciates over time. The principal amount of convertible debt on the balance sheet at September 30 was $999.2 million compared to $4.481 billion at the beginning of calendar year 2020, putting our overall capital structure in a much better long-term position.

在 9 月季度，我們將 2025、2027 和 2037 年可轉換次級票據中的 2.636 億美元換成了現金和普通股。我們在本季度使用現金產生來為可轉換債券交易所的本金提供資金，我們相信這些交易將通過在我們的股價隨著時間的推移升值的範圍內顯著減少股票稀釋而使股東受益。截至 9 月 30 日，資產負債表上的可轉換債券本金為 9.992 億美元，而 2020 年初為 44.81 億美元，使我們的整體資本結構處於更好的長期狀況。

Our cash flow from operating activities was $611.7 million in the September quarter. Our free cash flow was $533.2 million and 32.3% of net sales. As of September 30, our consolidated cash and total investment position was $255.3 million. We paid down $415.6 million of total debt in the September quarter. And over the last 13 full quarters since we closed the Microsemi acquisition and incurred over $8 billion in debt to do so, we have paid down over $4.4 billion of debt and continue to allocate substantially all of our excess cash beyond dividends to aggressively bring down this debt. We have accomplished this despite the adverse macro and market conditions during much of this period, which we feel is a testimony to the cash generation capabilities of our business as well as our ongoing operating discipline. We continue to expect our debt levels to reduce significantly over the next several years.

我們在 9 月季度的經營活動現金流為 6.117 億美元。我們的自由現金流為 5.332 億美元，占淨銷售額的 32.3%。截至 9 月 30 日，我們的綜合現金和總投資頭寸為 2.553 億美元。我們在 9 月季度償還了 4.156 億美元的總債務。自從我們完成對 Microsemi 的收購併為此承擔了超過 80 億美元的債務以來，在過去的 13 個完整季度中，我們已經償還了超過 44 億美元的債務，並繼續分配除股息之外的所有多餘現金，以積極降低這種情況債務。儘管在此期間的大部分時間裡宏觀和市場條件不利，但我們仍然實現了這一目標，我們認為這證明了我們業務的現金生成能力以及我們持續的經營紀律。我們繼續預計未來幾年我們的債務水平將大幅下降。

Our adjusted EBITDA in the September quarter was a record at $762.5 million or 46.2% of net sales. Our trailing 12-month adjusted EBITDA was also a record at $2.72 billion and 45% of net sales. Our net debt to adjusted EBITDA, excluding our very long-dated convertible debt that matures in 2037 and is more equity-like in nature, was 2.99% at September 30, 2021, down from 3.34% at June 30, 2021. Our dividend payment in the September quarter was $121.2 million.

我們在 9 月季度調整後的 EBITDA 達到創紀錄的 7.625 億美元，占淨銷售額的 46.2%。我們過去 12 個月的調整後 EBITDA 也創下了 27.2 億美元的記錄，占淨銷售額的 45%。截至 2021 年 9 月 30 日，我們的調整後 EBITDA 淨債務（不包括我們將於 2037 年到期且性質更像股權的超長期可轉換債務）為 2.99%，低於 2021 年 6 月 30 日的 3.34%。我們的股息支付9 月季度為 1.212 億美元。

Capital expenditures were $78.5 million in the September quarter. Our expectation for the December 2021 quarter's capital expenditures is between $70 million and $90 million. Our capital expenditures for fiscal year 2022 are now expected to be between $350 million and $400 million. As a reminder, our fiscal year 2021 capital expenditures came in lower than originally planned due to longer equipment lead times and deliveries pushing as a result of overall industry conditions. We continue to add capital equipment to maintain, grow and operate our internal manufacturing operations to support the expected growth of our business. We expect these capital investments will bring gross margin improvement to our business and give us increased control over our production during periods of industry-wide constraints.

9 月季度的資本支出為 7850 萬美元。我們對 2021 年 12 月季度資本支出的預期在 7000 萬美元至 9000 萬美元之間。我們 2022 財年的資本支出現在預計在 3.5 億美元至 4 億美元之間。提醒一下，我們 2021 財年的資本支出低於原計劃，原因是整體行業狀況導致設備交貨時間延長和交貨時間加快。我們繼續增加資本設備來維持、發展和運營我們的內部製造業務，以支持我們業務的預期增長。我們預計這些資本投資將為我們的業務帶來毛利率改善，並讓我們在全行業受限期間加強對生產的控制。

Depreciation expense in the September quarter was $43.7 million. I now -- I will now turn it over to Ganesh to give his comments on the performance of the business in the September quarter as well as our guidance for the December quarter. Ganesh?

9 月季度的折舊費用為 4370 萬美元。我現在——我現在將把它交給 Ganesh，讓他對 9 月季度的業務表現以及我們對 12 月季度的指導發表評論。像頭神？

Thank you, Eric, and good afternoon, everyone. Our September quarter results continue to be strong, with the revenue growing 5.1% sequentially to achieve another all-time record at $1.65 billion. September quarter revenue would have been even stronger but for constraints due to some of our capacity improvements coming in later than we wanted. On a year-over-year basis, our September quarter revenue was up 26%. Non-GAAP gross margin was another record of 65.3%, up 50 basis points from 64.8% in the June quarter and above the high end of our guidance as we continue to ramp our internal factories and benefit from improved fixed cost absorption as well as product mix changes.

謝謝埃里克，大家下午好。我們的 9 月季度業績繼續強勁，收入環比增長 5.1%，再創歷史新高，達到 16.5 億美元。 9 月季度的收入本來會更強勁，但由於我們的一些產能改進晚於我們的預期而受到限制。與去年同期相比，我們 9 月季度的收入增長了 26%。非 GAAP 毛利率再創新高，達到 65.3%，比 6 月季度的 64.8% 高出 50 個基點，高於我們指導的上限，因為我們繼續擴大內部工廠並受益於固定成本吸收的改善以及產品混合變化。

Non-GAAP operating margin was also a record at 42.5%, up 80 basis points from 41.7% in the June quarter and above the high end of our guidance. Our consolidated non-GAAP EPS was a split adjusted record $1.07 per share and was up 37.6% from the year ago quarter. Adjusted EBITDA at 46.2% of revenue and free cash flow at 32.3% of revenue were both very strong, continuing to demonstrate the robust profitability and cash generation capabilities of our business. This, in turn, enabled us to pay down another $415.6 million in debt and bring our net leverage ratio down to 2.99 in the September quarter. With the progress we have already made and progress we expect to continue making in bringing down our debt and leverage ratio, we believe we are well positioned to achieve an investment-grade rating in the coming months.

非 GAAP 營業利潤率也創下 42.5% 的歷史新高，比 6 月季度的 41.7% 高出 80 個基點，高於我們指導的上限。我們的合併非 GAAP 每股收益為拆分調整後每股 1.07 美元，比去年同期增長 37.6%。調整後 EBITDA 佔收入的 46.2% 和自由現金流佔收入的 32.3% 都非常強勁，繼續證明我們業務的強勁盈利能力和現金生成能力。這反過來又使我們能夠再償還 4.156 億美元的債務，並將我們的淨槓桿率在 9 月季度降至 2.99。憑藉我們在降低債務和槓桿率方面已經取得的進展以及我們預計將繼續取得的進展，我們相信我們有能力在未來幾個月內獲得投資級評級。

The September quarter marked our 124th consecutive quarter of non-GAAP profitability. I would like to thank all our stakeholders who enabled us to achieve these outstanding and record results in the September quarter, and especially thank the worldwide Microchip team whose tireless efforts not only delivered our strong financial results, but also supported our customers to navigate a difficult supply environment and who work constructively with our supply chain partners to find creative solutions in an extremely constrained and challenging environment.

九月季度標誌著我們連續第 124 個季度實現非 GAAP 盈利。我要感謝我們所有的利益相關者，是他們讓我們在 9 月份的季度取得了這些出色的創紀錄業績，尤其要感謝全球 Microchip 團隊的不懈努力，他們不僅為我們帶來了強勁的財務業績，而且還支持我們的客戶度過了艱難的時期供應環境，並與我們的供應鏈合作夥伴建設性地合作，在極其受限和具有挑戰性的環境中尋找創造性的解決方案。

Taking a look at our revenue from a product line perspective. Our microcontroller revenue was sequentially down 0.9% as compared to the June quarter, in part due to the very strong shipments in the June quarter, when this business was sequentially up 10.7% and in part due to supply constraints in the September quarter. On a year-over-year basis, our September quarter microcontroller revenue was up 27.1%, and microcontrollers represented 54.2% of our revenue in the September quarter.

從產品線的角度來看我們的收入。與 6 月季度相比，我們的微控制器收入環比下降 0.9%，部分原因是 6 月季度的出貨量非常強勁，而該業務環比增長 10.7%，部分原因是 9 月季度的供應限制。與去年同期相比，我們 9 月季度的微控制器收入增長了 27.1%，微控制器占我們 9 月季度收入的 54.2%。

Our analog revenue was sequentially up a strong 13.6% as compared to the June quarter, setting another record in the process. On a year-over-year basis, our September quarter analog revenue was up 35.8%. Analog represented 29.8% of our revenue in the September quarter. During the quarter, we completed our acquisition of Iconic RF, a Belfast, Northern Island-based small, early stage private company. Iconic RF makes innovative high-performance gallium nitride and gallium arsenide, monolithic microwave integrated circuits, focused on the aerospace and defense market and we believe will further strengthen our position in this market. Revenue contribution from Iconic RF is not material. The purchase price was in the mid-single-digit million range, with possible future performance-based earnouts. This acquisition is akin to acquiring intellectual property along with domain experts to help us accelerate our business agenda in specific laser-focused areas.

與 6 月季度相比，我們的模擬收入環比強勁增長 13.6%，在此過程中再創紀錄。與去年同期相比，我們 9 月季度的模擬收入增長了 35.8%。模擬業務占我們 9 月份季度收入的 29.8%。本季度，我們完成了對 Iconic RF 的收購，這是一家位於北島貝爾法斯特的小型早期私營公司。 Iconic RF 製造創新的高性能氮化鎵和砷化鎵單片微波集成電路，專注於航空航天和國防市場，我們相信這將進一步鞏固我們在該市場的地位。來自 Iconic RF 的收入貢獻並不重要。購買價格在中等個位數的百萬範圍內，未來可能有基於績效的收益。此次收購類似於與領域專家一起獲得知識產權，以幫助我們加快特定激光聚焦領域的業務議程。

Taking a look at our revenue from a geographic and end market perspective. Americas was up 12.5% sequentially. Europe was up 4.8% sequentially, which is better than typical seasonal performance for the September quarter. Asia was up 2.1% sequentially. All end markets were strong and supply constrained. Business conditions continue to be exceptionally strong through the quarter with record bookings and backlog for products to be shipped over multiple quarters. Our Preferred Supply Program, or PSP, continues to grow and be over 50% of our aggregate backlog and 100% of our backlog in the most constrained capacity product areas.

從地理和終端市場的角度來看我們的收入。美洲連續上漲 12.5%。歐洲連續上漲 4.8%，好於 9 月季度的典型季節性表現。亞洲連續上漲 2.1%。所有終端市場都很強勁，但供應有限。本季度的業務狀況繼續異常強勁，多個季度發貨的產品預訂量和積壓量均創歷史新高。我們的首選供應計劃 (PSP) 繼續增長，占我們總積壓訂單的 50% 以上，佔產能最受限產品領域積壓訂單的 100%。

Demand far outpaced the capacity improvements and increased shipments we achieved in the quarter. As a result, our unsupported backlog, which customers want to ship in the September quarter, which we could not deliver in the September quarter continued to climb significantly as compared to the prior quarter's level. This is the fifth consecutive quarter that our unsupported backlog for product requested in a given quarter has grown despite our quarterly revenue having grown 26% in the September '20 first quarter as compared to the year ago quarter.

需求遠遠超過我們在本季度實現的產能提升和出貨量增長。因此，與上一季度的水平相比，我們無法在 9 月季度交付的客戶希望在 9 月季度發貨的不受支持的積壓訂單繼續大幅攀升。儘管我們在 20 年 9 月第一季度的季度收入與去年同期相比增長了 26%，但這是我們連續第五個季度在給定季度請求的產品的無支持積壓增加。

We continue to experience constraints in all of our internal and external factories and their related manufacturing supply chains. During the September quarter, we experienced and were adversely impacted by COVID-related disruptions in our packaging and testing operations in Asia as the Delta variant adversely impacted many of these countries. We took additional steps to protect our employees in these countries and work with our partners as they took mitigation steps. We also work closely with our supply chain partners who provide wafer foundry, assembly, test and materials to secure additional capacity wherever possible. It is a challenging environment for our factories and our partners' factories to hire, train and retain employees to support the planned manufacturing ramps. Despite all this, through all the actions we have taken to increase capacity, we expect we will be in a position to support revenue growth for at least each of the next 4 quarters. This extends by one more quarter, which we stated in our August conference call as the September quarter results are now behind us.

我們繼續在所有內部和外部工廠及其相關製造供應鏈中遇到限制。在 9 月季度，我們在亞洲的封裝和測試業務經歷了 COVID 相關中斷並受到不利影響，因為 Delta 變體對其中許多國家產生了不利影響。我們採取了額外措施來保護我們在這些國家/地區的員工，並在我們的合作夥伴採取緩解措施時與他們合作。我們還與提供晶圓代工、組裝、測試和材料的供應鏈合作夥伴密切合作，以盡可能確保額外產能。對於我們的工廠和我們合作夥伴的工廠來說，僱傭、培訓和留住員工以支持計劃中的製造坡道是一個充滿挑戰的環境。儘管如此，通過我們為增加產能而採取的所有行動，我們預計我們將至少在接下來的 4 個季度中的每個季度都能夠支持收入增長。這又延長了一個季度，我們在 8 月的電話會議中說過，因為 9 月季度的結果現在已經過去了。

We now expect that manufacturing constraints will persist through much of 2022 and possibly beyond that. We believe our backlog position, especially the proportion of PSP backlog is giving us a solid foundation to prudently acquire constrained raw materials, invest in expanding our factory capacity and hire employees to support our factory ramps.

我們現在預計，製造限制將持續到 2022 年的大部分時間，甚至可能更長。我們相信，我們的積壓狀況，尤其是 PSP 積壓的比例，為我們提供了堅實的基礎，可以審慎地獲取受限原材料、投資擴大我們的工廠產能並僱用員工來支持我們的工廠擴產。

Our capital spending plans are rising in response to growth opportunities in our business as well as to fill gaps in the level of capacity investments being made by our outsourced manufacturing partners in technologies they may consider to be trailing edge, but which we believe will be workhorse technologies for us for many years to come.

我們的資本支出計劃正在增加，以響應我們業務的增長機會，並填補我們的外包製造合作夥伴在他們可能認為落後但我們認為將成為主力的技術方面進行的能力投資水平的差距技術為我們未來很多年。

In the September quarter, we were able to secure a license from one of our wafer manufacturing partners for a key trailing edge technology that runs on 8-inch wafers, which we expect to have qualified and in production by 2023. This licensed technology is still growing for us, and we expect it will be a workhorse technology for at least 10 to 15 more years. We believe our increase in capital spending will enable us to capitalize on growth opportunities, improve our gross margins, increase our market share and give us more control over our destiny for trailing edge technologies. We will, of course, continue to utilize the capacity available from our outsource partners but our goal is to be less constrained by their investment priorities in areas where they don't align with our business needs.

在 9 月季度，我們能夠從我們的一個晶圓製造合作夥伴那裡獲得一項在 8 英寸晶圓上運行的關鍵後緣技術的許可，我們預計到 2023 年該技術將獲得合格並投入生產。該許可技術仍在為我們成長，我們預計它將成為至少 10 到 15 年的主力技術。我們相信，我們增加資本支出將使我們能夠利用增長機會、提高毛利率、增加市場份額並讓我們更好地控制我們在後緣技術方面的命運。當然，我們將繼續利用我們的外包合作夥伴提供的能力，但我們的目標是減少他們在與我們業務需求不一致的領域的投資重點的限制。

Now let's get into the guidance for the December quarter. Our backlog for the December quarter is very strong, and we have more capacity improvements coming into effect. Taking all the factors we have discussed on the call today into consideration, we expect our net sales for the December quarter to be up between 4% and 8% sequentially, much stronger than normal seasonality, which is usually down 2% for the December quarter.

現在讓我們進入 12 月季度的指導。我們在 12 月季度的積壓訂單非常多，而且我們有更多的產能改進措施正在生效。考慮到我們今天在電話會議上討論的所有因素，我們預計 12 月季度的淨銷售額將連續增長 4% 至 8%，遠強於正常的季節性，通常在 12 月季度下降 2% .

Our guidance range assumes capacity additions as well as continued capacity constraints, some of which we expect to work through during the quarter and others that will carry over to be worked in future quarters. At the midpoint of our revenue guidance, our year-over-year growth for the December quarter will be a strong 29.3%, accelerating from the 26% year-over-year growth in the September quarter, 19.8% year-over-year growth in the June quarter and 10.6% year-over-year growth in the March quarter. For the December quarter, we expect our non-GAAP gross margin to be between 65.8% and 66.2% of sales. We expect non-GAAP operating expenses to be between 22.3% and 22.7% of sales. We expect non-GAAP operating profit to be between 43.1% and 43.9% of sales. And we expect our split adjusted non-GAAP diluted earnings per share to be between $1.14 per share and $1.20 per share.

我們的指導範圍假設產能增加以及持續的產能限制，我們預計其中一些將在本季度完成，而其他一些將在未來幾個季度完成。在我們收入指引的中點，我們 12 月季度的同比增長將強勁 29.3%，高於 9 月季度 26% 的同比增長，同比增長 19.8%在 6 月季度和 3 月季度同比增長 10.6%。對於 12 月季度，我們預計我們的非 GAAP 毛利率將在銷售額的 65.8% 至 66.2% 之間。我們預計非 GAAP 運營費用將佔銷售額的 22.3% 至 22.7%。我們預計非 GAAP 營業利潤將佔銷售額的 43.1% 至 43.9% 之間。我們預計我們的拆分調整後非 GAAP 稀釋每股收益將在每股 1.14 美元至 1.20 美元之間。

Given all the complications of accounting for our acquisitions, including amortization of intangibles, restructuring charges and inventory write-up on acquisitions, Microchip will continue to provide guidance and track its results on a non-GAAP basis except for net sales, which will be on a GAAP basis. We believe that non-GAAP results provide more meaningful comparison to prior quarters, and we request that analysts continue to report their non-GAAP estimates to first call.

考慮到我們收購會計的所有復雜性，包括無形資產攤銷、重組費用和收購庫存增記，Microchip 將繼續提供指導並在非 GAAP 基礎上跟踪其結果，但淨銷售額除外，淨銷售額將在GAAP 基礎。我們認為，非 GAAP 業績與前幾個季度相比提供了更有意義的比較，我們要求分析師繼續報告他們的非 GAAP 估計以進行首次電話會議。

Finally, as previously announced, we will be holding our Investor and Analyst Day on November 8 in New York, which will also be simultaneously webcast for those who cannot attend in person. At the event, we will be providing details about our long-term expected growth rate, updated gross and operating margin targets as well as more specifics about our strategy for capital return, revenue growth and manufacturing. We hope you will be able to join us for this important and informative event. Let me now pass the baton to Steve to talk about our cash return to shareholders. Steve?

最後，正如之前宣布的那樣，我們將於 11 月 8 日在紐約舉辦投資者和分析師日活動，屆時還將為無法親自出席的人士同步進行網絡直播。在活動中，我們將提供有關我們的長期預期增長率、更新的毛利率和營業利潤率目標的詳細信息，以及有關我們的資本回報、收入增長和製造戰略的更多細節。我們希望您能夠加入我們，參加這一重要且信息豐富的活動。現在讓我把接力棒交給史蒂夫，談談我們對股東的現金回報。史蒂夫？

Thank you, Ganesh, and good afternoon, everyone. Today, I would like to reflect on our financial results announced today and provide you further updates on our cash return strategy.

謝謝 Ganesh，大家下午好。今天，我想回顧一下我們今天公佈的財務業績，並為您提供有關我們現金回報策略的進一步更新。

Reflecting on our financial results, I continue to be very proud of all employees of Microchip that have delivered another exceptional quarter and making new records in many respects, namely record net sales, record non-GAAP gross margin percentage, record non-GAAP operating margin percentage, record cash flow from operations and record adjusted EBITDA.

回顧我們的財務業績，我繼續為 Microchip 的所有員工感到自豪，他們又交付了一個出色的季度，並在許多方面創造了新紀錄，即創紀錄的淨銷售額、創紀錄的非 GAAP 毛利率百分比、創紀錄的非 GAAP 營業利潤率百分比，記錄運營現金流和記錄調整後的 EBITDA。

Reflecting on our journey of debt and leverage ratio since the acquisition of Microsemi 3-plus years ago, I note the following. First, we financed the Microsemi acquisition by adding $8.1 billion of debt, which increased our net leverage ratio in the June 2018 quarter to 4.95%, which we know was a concern for many of you. In the last 3-plus years, we have paid down a cumulative $4.4 billion of debt and brought our net leverage ratio down to 2.99%. We allocated substantially all of our excess cash generation beyond what we pay to shareholders and dividends to pay down significant debt every quarter.

回顧自 3 多年前收購 Microsemi 以來我們的債務和槓桿率之旅，我注意到以下幾點。首先，我們通過增加 81 億美元的債務為 Microsemi 的收購融資，這將我們在 2018 年 6 月季度的淨槓桿率提高到 4.95%，我們知道你們中的許多人都擔心這一點。在過去 3 年多的時間裡，我們累計償還了 44 億美元的債務，並將淨槓桿率降至 2.99%。除了我們支付給股東的資金和股息之外，我們幾乎每個季度都分配了所有多餘的現金來償還大量債務。

Number two, within the last 6 months, based on the debt paydown and the continued strong cash and adjusted EBITDA generation of our business, both Moody's and Fitch changed their rating outlook from stable to a positive outlook. And now last quarter, with very strong debt paydown and getting to a leverage ratio of below 3.0, we believe we will receive an investment-grade rating in the coming months.

第二，在過去 6 個月內，基於債務償還以及我們業務持續強勁的現金和調整後的 EBITDA 產生，穆迪和惠譽將其評級展望從穩定改為正面。現在上個季度，由於債務償還非常強勁，槓桿率低於 3.0，我們相信我們將在未來幾個月獲得投資級評級。

Regarding our capital return strategy, we are continuing to provide more cash return to the shareholders. Just today, we announced a dividend of $0.232 per share. Our dividend is reflective of Microchip's 2-for-1 stock split that was effective last month. This is our fourth consecutive quarter with a large dividend increase, increasing the dividend by 6.2% sequentially and 25.9% over a year ago quarter. And in the coming quarters, we expect to continue with more actions to increase the cash return to shareholders. We plan to give you more information about our capital return strategy next week at our Investor and Analyst Day. We hope to see you all there.

關於我們的資本回報策略，我們將繼續為股東提供更多的現金回報。就在今天，我們宣布派發每股 0.232 美元的股息。我們的股息反映了 Microchip 上個月生效的 2:1 股票拆分。這是我們連續第四個季度大幅增加股息，股息連續增加 6.2%，比去年同期增加 25.9%。在未來幾個季度，我們預計將繼續採取更多行動來增加股東的現金回報。我們計劃在下週的投資者和分析師日向您提供有關我們資本回報策略的更多信息。我們希望在那裡見到你們。

With that, operator, will you please poll for questions.

有了這個，接線員，請你輪詢問題。

(Operator Instructions) We'll take our first question from John Pitzer with Credit Suisse.

（操作員說明）我們將從瑞士信貸的 John Pitzer 那裡回答我們的第一個問題。

Congratulations on the solid results. I guess, Ganesh, I wanted to get into a little bit more detail about the difference between your sort of microcontroller business being down sequentially and analog being up. It's -- you're down is a lot less than TI's and you're up is a lot more than TI's, but it's sort of the same dynamic that they saw in their September quarter. And they kind of highlighted the fact that perhaps customers were sort of requesting less expedited orders and maybe there was a little bit of a cooling off. I'm just kind of curious, when you look at that gap, what was the big driver in the quarter? And as you look at the December guide, would you expect the microcontroller business to start to show some accelerating growth?

祝賀你取得了不錯的成績。我想，Ganesh，我想更詳細地了解一下您的微控制器業務按順序下降和模擬業務上升之間的區別。它是 - 你的下降比 TI 少得多，你上升的比 TI 多得多，但這與他們在 9 月季度看到的動態有點相同。他們在某種程度上強調了這樣一個事實，即客戶可能會要求不那麼加急的訂單，而且可能會有一點冷靜。我只是有點好奇，當你看到這個差距時，這個季度的主要推動力是什麼？當您查看 12 月份的指南時，您是否預計微控制器業務會開始出現一些加速增長？

It's a great question. I think they are just quarter-to-quarter timing. If you look at our June quarter results, microcontrollers were super strong in that quarter. We had more constraints that hit the microcontroller business in the September quarter. I wouldn't look at anything on a 1-quarter basis. Both businesses, microcontrollers as well as analog are doing extremely well, and I expect both of them will have nice growth as we go through the December quarter. There is no customer slowdown on one product line or the other product line. They're all constrained. They all have a substantial unsupported, exiting the quarters.

這是一個很好的問題。我認為它們只是一個季度到一個季度的時間安排。如果您查看我們 6 月季度的結果，就會發現該季度的微控制器非常強勁。我們在 9 月季度對微控制器業務造成了更多限制。我不會在 1 個季度的基礎上看任何東西。微控制器和模擬業務都表現得非常好，我預計在我們度過 12 月季度時，它們都會有不錯的增長。一條產品線或另一條產品線沒有客戶放緩。他們都受到約束。他們都有大量不受支持的退出宿舍。

We'll take our next question from Gary Mobley with Wells Fargo.

我們將從富國銀行的 Gary Mobley 那裡回答下一個問題。

I look forward to catching up with everybody next week. I wanted to ask about the backlog and your ability to fill that backlog over the next 4 consecutive quarters. I appreciate your commentary about how the capital equipment you planned -- intend to put in place is supported of 4 quarters of sequential revenue growth. But what is the risk of not receiving the capital equipment because of long lead times or lead times or the inability to get desired capacity from partners? And is this roughly 6% sequential revenue growth supported by more capacity, indicative of how you see it unwinding for those remaining 3 quarters or so?

我期待著下週與大家見面。我想問一下積壓以及您在接下來的連續 4 個季度中填補積壓的能力。我感謝您對您計劃的資本設備的評論——打算實施的資本設備如何得到 4 個季度收入連續增長的支持。但是，由於交貨時間長或交貨時間長或無法從合作夥伴那裡獲得所需產能而無法收到資本設備的風險是什麼？這種大約 6% 的連續收入增長是否受到更多產能的支持，表明你如何看待剩下的 3 個季度左右的情況？

So firstly, the 6% growth is a December quarter midpoint of guidance that we have. We're not making predictions for quarters beyond the December quarter. What we do see is enough capacity coming online. We have line of sight to what we're doing internally. We have line of sight to what we're working with our partners so that we expect that every quarter, for the next 4 quarters, including December in it, will have the opportunity for supply side growth. And right now, there's enough and more demand for all those quarters. It's really a matter of bringing the supply on and we don't see any major risks in being able to bring capacity on. There's always timing of pieces of equipment for a given factory, but they're all comprehended in the way we're thinking about it.

因此，首先，6% 的增長率是我們所擁有的 12 月季度指導的中點。我們不會對 12 月季度之後的季度做出預測。我們確實看到有足夠的容量上線。我們對我們在內部所做的事情有一個視線。我們對與合作夥伴的合作有一個清晰的認識，因此我們預計在接下來的 4 個季度中，包括 12 月在內的每個季度，供應方都有機會增長。而現在，所有這些季度都有足夠多的需求。這實際上是一個增加供應的問題，我們認為能夠增加產能沒有任何重大風險。給定工廠的設備總有時間安排，但它們都在我們考慮的方式中得到了理解。

As we have gone along through this year, almost every month, we've been able to bring on something incremental in the capacity, which is why you've seen every quarter, we've been able to show growth -- sequential growth in each of the quarters.

隨著我們今年的發展，幾乎每個月，我們都能夠帶來一些增量的能力，這就是為什麼你每個季度都能看到，我們能夠顯示出增長——連續增長每個宿舍。

With the ability to supply being the main constraint of revenue, is it fair to say that over the next 4 quarters, it's going to be hard to build distributor inventory anywhere above the 20-day level roughly where it sits today?

由於供應能力是收入的主要製約因素，可以公平地說，在接下來的 4 個季度中，很難將經銷商庫存建立在大致高於今天 20 天水平的任何地方嗎？

We don't know. We expect it's going to be difficult just judging by what we see as the intensity of the demand, what we see as a sell-through and what's going on. But it's hard to tell what exactly distribution inventory will be that far out in time. I don't know, Eric, if you have any more insight.

我們不知道。我們預計，僅僅根據我們所看到的需求強度、我們所看到的銷售情況以及正在發生的事情來判斷，這將很困難。但很難及時準確地判斷分銷庫存是多少。我不知道，埃里克，如果你有更多的洞察力。

I really don't. I mean just -- and Ganesh mentioned it earlier, but our unsupported backlog, I mean, that's -- it's both split between direct and distribution. So distributors would love to have more products, and we're just not able to supply at this point in time. So I think it will be challenging, but it's hard to predict.

我真的不知道。我的意思是 - Ganesh 之前提到過，但我們不受支持的積壓，我的意思是 - 它在直接和分發之間分開。所以分銷商希望有更多的產品，而我們目前無法及時供應。所以我認為這將具有挑戰性，但很難預測。

We'll take our next question from Vivek Arya with Bank of America Securities.

我們將接受美國銀行證券公司 Vivek Arya 的下一個問題。

There is some debate whether the Preferred Supply Programs or some of your peers call them NCNR programs. Are they really enforceable or dependable because some of your competitors have chosen not to use them as much? So I'm just curious to get your perspective, why is there so much debate on use of these programs? What is their enforceability and dependability because ultimately, your products are going in end markets that need products from your competitors as well. So if those markets are not doing as well, then how enforceable, right, are your contracts? So just any -- how should we think about the fact you have this PSP backlog as to how dependable the forward outlook is?

對於首選供應計劃或您的一些同行是否將其稱為 NCNR 計劃存在一些爭論。它們是否真的可執行或可靠，因為您的一些競爭對手選擇不那麼多地使用它們？所以我很想知道您的觀點，為什麼對這些程序的使用有如此多的爭論？它們的可執行性和可靠性如何，因為最終，您的產品將進入終端市場，而終端市場也需要您競爭對手的產品。因此，如果這些市場表現不佳，那麼您的合同的可執行性如何？那麼就任何 - 我們應該如何考慮你有這個 PSP 積壓的事實關於前瞻性前景的可靠性？

Firstly, I don't know all the different programs different people have and so I won't try to contrast with what we're doing. What we know in talking to many of our key customers who really, by the way, drove how we designed and implemented this system, the PSP program, is that it is one seen as highly valuable. Two, that it has grown over time. And three, it continues to not only be strong but people want to extend that PSP outlook. We have 12 months as our standard backlog requirement for it. There are people placing beyond 12 months on us.

首先，我不知道不同人擁有的所有不同項目，因此我不會嘗試與我們正在做的事情進行對比。順便說一下，在與我們的許多主要客戶交談時，我們了解到，他們確實推動了我們設計和實施這個系統（PSP 程序）的方式，它被認為是非常有價值的。第二，它隨著時間的推移而增長。第三，它不僅繼續強大，而且人們希望擴展 PSP 的前景。我們有 12 個月的標準積壓要求。有人給我們放了超過 12 個月的時間。

And I think everybody is recognizing that the semiconductor content in the products that they're making are extremely important to their achieving the innovation in their products, their growth objectives and therefore, are much more in the mode of making sure that they have that thought through in the demand they place on us. And because it is noncancelable, I also expect and I believe every one of them is putting thought into where to have PSP backlog and where not to have PSP backlog, given by the strength of their business and the views they have for their growth.

而且我認為每個人都認識到，他們生產的產品中的半導體成分對於他們實現產品創新和增長目標極為重要，因此，他們更多地處於確保他們有這種想法的模式中通過他們對我們的要求。因為它是不可取消的，我也希望並且我相信他們中的每個人都在考慮哪些地方有 PSP 積壓，哪些地方沒有 PSP 積壓，這取決於他們的業務實力和他們對增長的看法。

We'll take our next question from Tore Svanberg with Stifel.

我們將接受 Stifel 的 Tore Svanberg 的下一個問題。

Yes. Congratulations on the solid results. I was hoping you could talk a little bit about the end markets, especially in relation to delinquencies. Are there any areas where the delinquencies are more or less?

是的。祝賀你取得了不錯的成績。我希望你能談談終端市場，尤其是與拖欠有關的問題。是否有任何領域的拖欠率或多或少？

It's hard to find one where there is no delinquency at this point. If I judge by the number of customer escalations I get involved and calls that I have to be able to respond to, it's in every segment. Clearly, what the news plays out has got a higher component of automotive. But it's absolutely not the only place where there are constraints. Constraints are in industrial, in communications, infrastructure, in data center, in the home appliances and even in parts of defense and aerospace. And so all end markets are finding that there is need and there is a demand in excess of what they had thought of a year ago. And we see these constraints in all end markets.

在這一點上很難找到沒有拖欠的。如果我根據我參與的客戶升級數量和我必須能夠響應的電話數量來判斷，那麼它在每個細分市場中都是如此。顯然，新聞報導的內容與汽車有關。但這絕對不是唯一有限制的地方。工業、通信、基礎設施、數據中心、家用電器甚至國防和航空航天領域都存在製約因素。因此，所有終端市場都發現有需求，而且需求超出了他們一年前的預期。我們在所有終端市場都看到了這些限制。

I would like to add that automotive tends to have the largest megaphone. So they make the most noise and people think that the constraints are the biggest in automotive. That is definitely not true. We're seeing similar constraints in the industrial market and consumer markets and other places, but just automotive gets talked about more.

我想補充一點，汽車往往擁有最大的擴音器。所以他們發出的聲音最大，人們認為限制是汽車行業最大的。那絕對不是真的。我們在工業市場、消費市場和其他地方看到了類似的限制，但只有汽車被談論得更多。

We'll take our next question from Pradeep Ramani with UBS.

我們將接受來自瑞銀的 Pradeep Ramani 的下一個問題。

Congratulations on a great quarter. I had a little bit more of a longer-term question. I guess lead times for at least the 32-bit MCU seemed to be still stretching and they're well beyond 32 weeks is what I'm hearing. But if you look into 2022, how would you sort of paint the picture for investors around where -- I mean, where lead times head to by, say, mid 2022? Do you get a sense that in the current market scenario that lead times might not compress much at all in 2022? Or can you help us sort of gauge that a little bit more?

祝賀一個偉大的季度。我有一個更長期的問題。我想至少 32 位 MCU 的交貨時間似乎仍在延長，而且我聽說它們已經超過 32 週了。但是，如果您展望 2022 年，您會如何為投資者描繪一幅圖畫——我的意思是，到 2022 年年中，交貨時間將走向何方？您是否感覺到，在當前的市場情況下，到 2022 年交貨時間可能根本不會壓縮太多？或者你能幫我們多衡量一下嗎？

There's two sides to that equation. There's one side of that equation, which is supply. And the other side of that equation is demand. If you look a year ago where we were to where we are today, despite having brought significant supply online, we are further behind in terms of the constraint or the unsupported that we have. And that's because demand grew even faster than the supply then.

這個等式有兩個方面。該等式的一方面是供應。這個等式的另一邊是需求。如果你看看一年前我們今天所處的位置，儘管已經在線提供了大量供應，但我們在限製或我們所擁有的不受支持方面更加落後。那是因為當時需求的增長速度甚至超過了供應。

I don't know how 2022's demand picture. We have a good sense of our own supply and what we're doing, but how the demand picture will change and when that will change, I don't know. But at this point in time, if you judge by how much unsupported did we have every quarter exiting each quarter, we've had 5 quarters in a row where we produced more, but had more unsupported, exiting the quarter. And I'm fully expecting that exiting December, it will be the sixth consecutive quarter where that's going to happen.

不知道2022年的需求情況如何。我們對自己的供應和我們正在做的事情有很好的了解，但我不知道需求情況將如何變化以及何時會發生變化。但在這個時間點，如果你根據每個季度退出每個季度有多少不受支持來判斷，我們已經連續 5 個季度生產了更多，但沒有更多支持，退出了這個季度。我完全期待在 12 月份結束時，這將是連續第六個季度出現這種情況。

We'll take our next question from Matt Ramsay with Cowen.

我們將與 Cowen 一起接受 Matt Ramsay 的下一個問題。

I wanted to ask a little bit about the pricing environment, and that's been topical given the big supply/demand imbalance in the industry. Ganesh, maybe you could talk a little bit about the comments that you made about having support for growth over the next 4 quarters from here, how much of that is based on supply coming online? And how much of that is based on, I guess, better pricing or passing through higher input costs in terms of pricing? And whatever pricing you're putting in place right now, how durable do you feel that is as supply and demand maybe converge down the line?

我想問一些關於定價環境的問題，鑑於該行業供需嚴重失衡，這一直是熱門話題。 Ganesh，也許你可以談談你對未來 4 個季度的增長提供支持的評論，其中有多少是基於供應上線的？我猜，其中有多少是基於更好的定價或在定價方面通過更高的投入成本？無論您現在採用何種定價，您認為隨著供需可能趨於一致，這種定價的持久性如何？

So it's a multivariable equation. It's hard to break out exactly what is from price and what is from capacity. We do have -- clearly, what we're doing on the capacity side of adding more wafer is to be able to run either in our fabs or our partner's fabs, adding more assembly and test capacity. And so there is a significant amount of unit growth that we're expecting going into 2022 and into 2023.

所以這是一個多變量方程。很難準確區分出什麼是價格，什麼是容量。我們確實有 - 顯然，我們在增加更多晶圓的能力方面正在做的是能夠在我們的晶圓廠或我們合作夥伴的晶圓廠中運行，從而增加更多的組裝和測試能力。因此，我們預計到 2022 年和 2023 年會有大量的單位增長。

The pricing for us is largely to be able to pass along cost increases that we have seen and to make sure that -- and we usually will bunch them rather than try to do it on a regular basis. And so we wait to see how cost increases are coming into us, bunch it together at some point in time and then pass on the price increase. But the exact mix of price increase versus unit thing, I don't have. There is a significant amount of unit growth going into next year.

我們的定價主要是為了能夠傳遞我們已經看到的成本增加，並確保這一點——我們通常會將它們捆綁在一起，而不是嘗試定期這樣做。所以我們等著看成本增加是如何進入我們的，在某個時間點把它聚集在一起，然後傳遞價格上漲。但我不知道價格上漲與單位數量的確切組合。明年會有大量的單位增長。

As far as what happens further out in time, I don't get the sense that input costs are going down, and that pricing has to come down out in time. Things like the labor costs that have been going up. I mean, those are in -- they're not coming back down. A lot of the costs for material and equipment is requiring companies, not just us, but even our supply chain to have significant capital spending to be able to not just expand factories, but build brand-new factories and the cost structures many involved there are quite significant as well. So it is my belief that these price increases are here to stay and at least is to stay for a fair amount of time into '22 and '23.

至於在更遠的時間發生的事情，我沒有感覺到投入成本正在下降，而且定價必須及時下降。諸如勞動力成本之類的事情一直在上漲。我的意思是，那些在 - 他們不會回來。材料和設備的很多成本都要求公司，不僅僅是我們，甚至我們的供應鏈都有大量的資本支出，不僅能夠擴大工廠，而且能夠建立全新的工廠和許多涉及的成本結構也很重要。因此，我相信這些價格上漲會持續下去，至少會在 22 年和 23 年持續相當長的一段時間。

We'll take our next question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

Congratulations on the solid results and execution. Macro trends in China have been somewhat mixed. Obviously, building and construction activity has been muted. Industrial activity seems to be relatively okay. Consumer is mixed. And the team has really great real-time visibility on all the end markets in China. Have you guys seen any slight inflections in China demand? Or is the supply/demand gap just so wide that you're not able to provide enough supply even if things have down shifted a bit?

祝賀您取得了堅實的成果和執行力。中國的宏觀趨勢有些喜憂參半。顯然，建築活動已經停滯。工業活動似乎相對還好。消費者喜憂參半。該團隊對中國的所有終端市場都具有非常好的實時可見性。你們有沒有看到中國需求有任何輕微的變化？還是供需缺口如此之大，以至於即使情況有所下降，您也無法提供足夠的供應？

It's a little early to put all that together, some of the power changes were really in the late September time frame, the effects of Evergrande or any of the other ones, when it percolates down to the rest of the chain that's involved there takes some time. There is no discernible end market color we have to provide on China. We continue to have enough demand in excess of supply that even if some of that demand were to soften, we still have a lot of unsupported demand for China today.

現在把所有這些放在一起還為時過早，一些權力變化實際上是在 9 月下旬的時間框架內，恆大或任何其他人的影響，當它滲透到所涉及的鏈條的其餘部分時，需要一些時間時間。我們無法提供關於中國的可辨別終端市場顏色。我們仍然有足夠的需求超過供應，即使其中一些需求有所減弱，我們今天對中國仍然有很多不受支持的需求。

(Operator Instructions) We'll take our next question from William Stein with Truist Securities.

（操作員說明）我們將從 Truist Securities 的 William Stein 那裡回答下一個問題。

And I'll add my congratulations, especially on the outlook. One of the great things that Microchip has done over time is that you were very early on to recognize that similar to the industrial -- let's say, industrial companies, acquisitions in semis could provide great opportunities for both cost synergies but also revenue synergies. I'm hoping you might use this time to update us on your integration of Microsemi. It's been a couple of years. And I wonder if the current strong environment has either delayed or accelerated the synergies. Is there a lot more to go that maybe we all forgot about because demand has been so good?

我還要表示祝賀，尤其是對前景的祝賀。 Microchip 隨著時間的推移所做的一件偉大的事情是，你很早就認識到類似於工業——比如說，工業公司，收購半成品可以為成本協同效應和收入協同效應提供巨大的機會。我希望您能利用這段時間向我們介紹您對 Microsemi 的集成情況。已經有幾年了。我想知道當前的強勁環境是否延遲或加速了協同作用。還有很多事情要做，也許我們都忘記了，因為需求一直很好？

The integration of Microsemi is substantially complete. There's some small amounts on the business systems, and maybe I'll let Eric speak to it.

Microsemi 的整合已基本完成。業務系統上有一些小金額，也許我會讓 Eric 談談。

Yes. So I mean there's still some business system integration to go. I would say from a cost perspective or synergy perspective, it's relatively small. The things that we continue to work on, which are ongoing stories are going to be TSS or total system solutions for the products that we've acquired from Microsemi, and the sales and business units are working very hard on that, and we're getting good traction.

是的。所以我的意思是還有一些業務系統集成要做。我會說從成本角度或協同角度來看，它相對較小。我們繼續努力的事情，也就是正在進行的故事，將是我們從 Microsemi 收購的產品的 TSS 或整體系統解決方案，銷售和業務部門正在為此努力工作，我們正在獲得良好的牽引力。

And the other piece is ongoing manufacturing integration, which just takes time. And some of that is bringing more assembly and test in-house and some of it will be looking at some of the smaller factories over time and how that can play out to bring some cost improvements to us over multiple years. But other than that, most of the benefit is in the P&L already.

另一部分是持續的製造整合，這需要時間。其中一些正在內部帶來更多的組裝和測試，其中一些將隨著時間的推移關註一些較小的工廠，以及如何在多年內為我們帶來一些成本改善。但除此之外，大部分收益已經存在於損益表中。

And Steve may want to speak, too. We, last quarter, shared with you where we were from a combined company earnings per share versus what we had said 3 years ago. So maybe, Steve, you want to speak to that?

史蒂夫可能也想發言。上個季度，我們與您分享了公司合併每股收益與我們 3 年前所說的相比的情況。所以也許，史蒂夫，你想談談這個？

Yes. So if you recall, back in May, June of 2018 when we acquired Microsemi, we guided to a run rate in earnings per share of $2 per share, 3 years out. So now we are 3 years out, it's 3 years and 1 quarter, and we just announced earnings of $1.07, which is split adjusted to $2.14 pre-split versus the $2 guidance we had given as a target 3 years ago. So we essentially have completely delivered on that promise.

是的。因此，如果你還記得，在 2018 年 5 月、6 月我們收購美高森美時，我們指導了 3 年後每股收益為 2 美元的運行率。所以現在我們已經 3 年了，這是 3 年零 1 個季度，我們剛剛宣布了 1.07 美元的收益，與 3 年前我們作為目標給出的 2 美元指導相比，拆分前調整為 2.14 美元。因此，我們基本上已經完全兌現了這一承諾。

In the middle of substantial issues for most of that period, including an inventory correction in the late 2018, followed by U.S.-China trade tensions, which affected our industrial business, consumer business and others followed by 2020, the year of COVID, which also created a lot of issues and all the COVID constraints, some of them are continuing followed by a strong demand cycle that we're seeing right now. So a combination of all these things, we still have delivered on that promise.

在那段時間的大部分時間裡都存在重大問題，包括 2018 年底的庫存調整，隨後是美中貿易緊張局勢，這影響了我們的工業業務、消費者業務和其他業務，隨後是 2020 年，也就是 COVID 年造成了很多問題和所有 COVID 限制，其中一些問題仍在繼續，隨後是我們現在看到的強勁需求週期。因此，所有這些事情的結合，我們仍然兌現了這一承諾。

Plus the Huawei ban and various others.

加上華為禁令和其他各種禁令。

The Huawei ban and many other smaller companies that have been banned from being shipped to.

華為禁令和許多其他被禁止運往的小公司。

So it's done outstanding for us. And I think all the results we had hoped for and more have been delivered.

所以它對我們來說非常出色。我認為我們所希望的所有結果以及更多結果都已經交付。

We'll take our next question from Chris Danely with Citi.

我們將接受來自花旗銀行的 Chris Danely 的下一個問題。

I was just wondering about lead times. How do you think your lead times compare versus the competitors? And does the difference in lead times, does that drive any share shifts? Do you think it will drive any share shifts?

我只是想知道交貨時間。您認為您的交貨時間與競爭對手相比如何？交貨時間的差異是否會推動任何份額轉移？您認為它會推動任何份額轉移嗎？

So Chris...

所以克里斯...

Go ahead.

前進。

Sorry. So Chris, I think lead time is not one number for the company across our 100,000-plus SKUs, we have products that are available in 4 weeks, and there are products that are not even available in 52 weeks. So people talk about in average lead time terms, but I don't think it's really very meaningful. It's like putting one foot in icy water and other foot in boiling water and creating the average and think the person is comfortable. We have lots and lots of products where the product is available earlier, but we have lots and lots of products, which are not available even in a year. We do not know the lead time of every single competitor on every single part because their situation is similar where the lead times are different across products.

對不起。所以克里斯，我認為對於我們 100,000 多個 SKU 的公司來說，交貨時間不是一個數字，我們的產品在 4 週內可用，有些產品甚至在 52 週內都無法提供。所以人們談論的是平均交貨時間，但我認為這並不是很有意義。這就像把一隻腳放在冰水里，另一隻腳放在沸水里，創造平均水平，並認為這個人很舒服。我們有很多很多產品可以提前上市，但我們有很多很多產品，甚至在一年內都沒有。我們不知道每個競爭對手在每個零件上的交貨時間，因為他們的情況相似，不同產品的交貨時間不同。

But given all that, I think when you look at the totality of results, our year-over-year growth compared to many of our competitors and our last quarter and the current quarter guidance, it clearly shows we're gaining share. I think that we can see. Now do we have customers from other companies who are not able to get products coming to us for help? Yes, lots and lots of them. Are we able to help them all? No, but we're able to help some of them or many of them.

但考慮到這一切，我認為當你看一下整體結果、我們與許多競爭對手相比的同比增長以及我們上一季度和當前季度的指導時，它清楚地表明我們正在獲得份額。我想我們可以看到。現在有沒有其他公司的客戶拿不到產品來找我們求助？是的，很多很多。我們能幫助他們所有人嗎？不，但我們能夠幫助他們中的一些人或他們中的許多人。

You could also have a situation where somebody who's not able to get product from us seeking product from one of our competitors. That's only natural. And I'm sure they're able to help some of them if they happen to have a product which is available in shorter lead time. So -- but when you take all the puts and takes, you got to, at the end of the day, look at the overall growth where we are exceeding what we are seeing from the competition, especially in the 2 markets of microcontrollers and analog, and we're gaining share in both.

您還可能遇到無法從我們這裡獲得產品的人從我們的競爭對手那裡尋求產品的情況。這是很自然的。而且我敢肯定，如果他們碰巧有一種交貨時間更短的產品，他們能夠幫助他們中的一些人。所以 - 但是當你考慮所有的投入和投入時，你必須在一天結束時看看我們超過競爭對手的整體增長，特別是在微控制器和模擬這兩個市場，我們在這兩個方面都獲得了份額。

And Chris, as we win those customers, coming over to us because we are able to help them, we're also getting long-term commitments from them to stay with Microchip beyond the cycle.

克里斯，當我們贏得這些客戶時，因為我們能夠幫助他們而來到我們這裡，我們也得到了他們的長期承諾，即在周期之外繼續與 Microchip 合作。

We'll take our next question from Toshiya Hari with Goldman Sachs.

我們將與高盛一起接受 Toshiya Hari 的下一個問題。

I wanted to ask about PSP. Is there a skew or are there any patterns by device type or end market? Is the uptake of PSP stronger, for example, MCUs versus analog versus FPGA or by end market? And I guess, more importantly, customers who are not signing up for PSP, what's typically the reason or the rationale? Is it pretty much just wanting the flexibility? Or is it something around pricing? Just curious why some customers opt to not sign up.

我想問一下PSP。設備類型或終端市場是否存在偏差或有任何模式？ PSP 的採用是否更強，例如，MCU 與模擬與 FPGA 或終端市場？我想，更重要的是，沒有註冊 PSP 的客戶通常是什麼原因或理由？它幾乎只是想要靈活性嗎？還是與定價有關？只是好奇為什麼有些客戶選擇不註冊。

So the PSP by product line isn't particularly different. By end market, certainly, there are end markets with more demand certainty, more demand durability. There are certain customers who have more financial capability to go behind the commitments that they're making with PSP. And those customers and those end markets do have a higher proportion of the PSP backlog that we have. What given customers' rationale for not doing it can be any number of things, either the markets or the financial strength could also be their view of do they -- don't they need to be in the program. I can tell you that everybody who has signed up for PSP is getting priority and is seeing results that are to their benefit in a highly constrained environment where demand far exceeds supply, and we're leaving unsupported going out of every quarter.

所以按產品線劃分的 PSP 並沒有特別不同。當然，就終端市場而言，終端市場的需求確定性更高，需求持久性更高。有些客戶有更多的財務能力來支持他們對 PSP 做出的承諾。這些客戶和那些終端市場在我們擁有的 PSP 積壓訂單中所佔比例確實更高。給出客戶不這樣做的理由的原因可能有很多，市場或財務實力也可能是他們的看法——他們是否需要參與該計劃。我可以告訴你，每個註冊 PSP 的人都得到了優先考慮，並且在需求遠遠超過供應的高度受限的環境中看到了對他們有利的結果，而且我們每個季度都沒有得到支持。

We'll take our next question from Ambrish Srivastava with BMO.

我們將接受來自 BMO 的 Ambrish Srivastava 的下一個問題。

Ganesh, I'm going to put my lack of knowledge on full display here on the unsupported backlog. So there's always a lot of concern when lead times get stressed out and we are in such tight environment for so long. So you're referring to the unsupported backlog as one of the reasons why you say your visibility is so high. Is this included in your book-to-bill? Is this noncancelable? Why is it the right metric to look at? Could you please explain that?

Ganesh，我將在不受支持的積壓工作中充分展示我的知識匱乏。因此，當交貨時間緊張並且我們長期處於如此緊張的環境中時，總會有很多擔憂。所以你指的是不受支持的積壓是你說你的知名度如此之高的原因之一。這是否包含在您的預訂賬單中？這是不可取消的嗎？為什麼它是正確的衡量標準？你能解釋一下嗎？

Yes. So let me separate two different things for you. We have backlog over multiple quarters. Orders placed on us and they can be asked for delivery in March and June, this quarter, et cetera. Unsupported that I'm referring to is what was requested in a given quarter that we could not ship, meaning if we could ship at all, that would have added to the revenue within the quarter. That's what we said at a record level exiting September and actually has been growing for 5 quarters at this point in time. And I expect it will be at another record level exiting the December quarter.

是的。因此，讓我為您區分兩種不同的東西。我們有多個季度的積壓。向我們下的訂單可以要求在 3 月和 6 月、本季度等時間交貨。我指的是不受支持的是在給定季度我們無法發貨的要求，這意味著如果我們可以發貨，那將增加該季度的收入。這就是我們在 9 月份創紀錄的水平上所說的，實際上在這個時間點已經增長了 5 個季度。我預計它將在 12 月季度之後再創歷史新高。

So unsupported just represents the current quarter of backlog that somebody would like to have shipped to them, but which we are unable to ship to them. So you can see what we report our revenue, which is what we actually shipped. What you don't see is what people wanted in the quarter that we could not ship. And then the -- that continues to remain as backlog that ships into whenever it is that we can ship. And then there's other backlog, which is in addition to that, that goes all the way to 1 and 2 years, depending on what program customers are on. Does that make sense?

因此，不受支持僅代表當前季度的積壓訂單，有人希望將其運送給他們，但我們無法運送給他們。所以你可以看到我們報告的收入，這是我們實際發貨的。你看不到的是人們在本季度想要但我們無法發貨的東西。然後 - 繼續保留為積壓，只要我們可以發貨就可以發貨。然後還有其他積壓，除此之外，一直持續到 1 年和 2 年，具體取決於客戶所使用的程序。那有意義嗎？

But there's no -- it does. That's helpful. But there's no noncancelable term to this, right? It's just what you could not fulfill. So it could be canceled down the road just like any other backlog, which is over multiple quarters, right?

但沒有 - 它確實如此。這很有幫助。但這沒有不可取消的條款，對吧？這只是你無法實現的。所以它可以像任何其他積壓的一樣在路上被取消，這是在多個季度，對吧？

So our standard noncancelable window is 90 days. So almost by definition, if somebody was asking for product in this quarter that we could not fulfill, it is all noncancelable. PSP adds a second dimension of 12 months of noncancelable on a rolling basis that customers would have. So PSP backlog, which is significantly over 50% is all 12 months of noncancelable, plus anything non-PSP in the next 3 months is also noncancelable.

所以我們的標準不可取消窗口是 90 天。所以幾乎根據定義，如果有人在本季度要求我們無法滿足的產品，那都是不可取消的。 PSP 在客戶擁有的滾動基礎上增加了 12 個月不可取消的第二個維度。因此，顯著超過 50% 的 PSP 積壓是所有 12 個月不可取消的，加上接下來 3 個月內的任何非 PSP 也是不可取消的。

Got it. Got it. Got it. Okay. That's helpful.

知道了。知道了。知道了。好的。這很有幫助。

And maybe just to make sure this is clear. The unsupported backlog is both PSP backlog and non-PSP backlog. So there's a lot of unsupported that is in the PSP program, we just can't meet the commitment, the requested committed date, if it helps.

也許只是為了確保這一點很清楚。不受支持的積壓是 PSP 積壓和非 PSP 積壓。所以在 PSP 計劃中有很多不受支持的東西，我們就是無法滿足承諾，要求的承諾日期，如果有幫助的話。

Okay. I'll barely pass -- yes, I'll barely pass the exam now, but okay.

好的。我勉強及格——是的，我現在勉強及格了，但是沒關係。

Note, Ambrish, is that we don't even have enough supply to meet all the PSP needs. There is a sufficient even PSP backlog which is unsupported in the current quarter and will continue to be unsupported for several quarters. We'll ship the last quarter and supported this quarter, but some of the current quarter backlog will not be supported this quarter, we will support it next quarter. So some of the capacity corridors by product, by technology, by fab are so constrained that PSP backlog is over 100% of that capacity. And that is not cancelable over the next 12 months.

請注意，Ambrish，我們甚至沒有足夠的供應來滿足所有 PSP 需求。有足夠的 Even PSP 積壓，在當前季度不受支持，並將在幾個季度內繼續不受支持。我們將在最後一個季度出貨並在本季度提供支持，但是本季度將不支持當前季度積壓的某些產品，我們將在下個季度提供支持。因此，按產品、技術、晶圓廠劃分的一些產能走廊非常受限，以至於 PSP 積壓超過了該產能的 100%。這在接下來的 12 個月內不可取消。

We'll go next to Chris Caso with Raymond James.

我們將和雷蒙德·詹姆斯一起去克里斯·卡索旁邊。

Two quick questions on pricing. And first, a clarification on the PSP program. And when the customer places the order on the PSP program, is there a firm pricing commitment with that order such that to protect it against further price increases? And if so, does that create a risk view of your input cost increase over the next year when that product is on the books?

關於定價的兩個快速問題。首先，澄清一下 PSP 程序。當客戶在 PSP 程序上下訂單時，該訂單是否有明確的定價承諾，以防止價格進一步上漲？如果是這樣，當該產品入賬時，這是否會導致您對明年投入成本增加的風險看法？

And then just longer term, do you feel that there is a structural element to these input cost increases? So the fear is at one point demand will eventually slow and we'll catch up with supply and demand and cost will start to come down again. Do you feel that that's not likely to happen? And if so, why?

然後從長遠來看，您是否認為這些投入成本增加存在結構性因素？因此，人們擔心需求最終會在某一時刻放緩，我們將趕上供求關係，成本將再次開始下降。你覺得這不太可能發生嗎？如果是這樣，為什麼？

So to your first question, the PSP program is a priority for delivery. It has nothing to do with pricing. Pricing is what we would need to make adjustments to when there are reasons to make those adjustments based on input costs going up. So there is no guarantee of fixed pricing being part of the PSP program.

所以對於你的第一個問題，PSP 程序是交付的優先級。它與定價無關。定價是我們需要根據投入成本上升而做出調整的原因。因此，無法保證固定定價成為 PSP 計劃的一部分。

On your second question with respect to input costs, there are certain input costs, which are structurally in for example, labor costs that go in. Now perhaps in time, as factories scale and size, they would get amortized over more units. But right now, labor cost is going up and you don't take labor cost down when the cycle begins to change. Now a material cost and maybe some of the material costs could be more driven by what the cost of the commodity involves popper , et cetera, are going to be, and we don't know how those will change.

關於投入成本的第二個問題，有一定的投入成本，例如，在結構上是投入的勞動力成本。現在也許隨著工廠規模和規模的擴大，它們會在更多的單位上得到攤銷。但是現在，勞動力成本在上升，當週期開始改變時，你不會降低勞動力成本。現在，材料成本和可能的一些材料成本可能更多地受到商品成本的影響，包括 popper 等等，我們不知道這些將如何改變。

And then there are equipment costs as we buy them where we have in the past, to grow our capacity, typically been buying used equipment at discounted prices. In the current environment where all fabs are full, all capacity is full, that is not an available option to us. So we are paying more expensive -- or buying more expensive equipment to be able to outfit the capacity growth that we need and that will, of course, stay in structurally as well.

然後是設備成本，因為我們在過去的地方購買它們，以增加我們的產能，通常是以折扣價購買二手設備。在目前所有晶圓廠都滿載、所有產能都滿載的環境下，這對我們來說不是一個可用的選擇。因此，我們正在支付更昂貴的費用——或者購買更昂貴的設備，以便能夠滿足我們需要的產能增長，當然，這也會在結構上保持不變。

But scale will help with some of that cost and how it gets amortized. But I don't fundamentally think pricing is going to change given all these moving parts. And that's the general sense I get from all of our supply chain partners and how they're thinking about it and what the input variables are to them as they look at what pricing they're going to be doing.

但規模將有助於部分成本及其攤銷方式。但我從根本上認為，考慮到所有這些變動因素，定價不會發生變化。這就是我從我們所有的供應鏈合作夥伴那裡得到的一般感覺，以及他們是如何思考它的，以及當他們查看他們將要進行的定價時，輸入變量對他們來說是什麼。

Maybe I can just expand a little bit on Ganesh's first point on pricing just to explain how it works. So if we have a price increase, a customer has 5 days once that price increase goes out to make the decision, do they want to accept that price increase or not. And if they don't accept the price increase, it comes back to Microchip and it -- does Microchip choose to ship it at the lower price or do we reallocate that capacity when there's so much capacity on the books when customers are screaming for product to another customer. And what we've seen when we've had price increases is that there has been hardly any customers that cancel their orders or choose not to accept the price increase because they understand the situation on the supply side.

也許我可以稍微擴展一下 Ganesh 關於定價的第一點，只是為了解釋它是如何運作的。因此，如果我們提價，一旦提價結束，客戶有 5 天的時間來決定，他們是否願意接受提價。如果他們不接受價格上漲，它會回到 Microchip 並且它 - Microchip 是否選擇以較低的價格發貨，或者我們是否會在客戶尖叫產品的情況下在賬面上有如此多的產能時重新分配產能給另一個客戶。而我們在漲價時看到的是，幾乎沒有客戶取消訂單或選擇不接受漲價，因為他們了解供應方的情況。

We'll take our next question from Christopher Rolland with Susquehanna.

我們將與 Susquehanna 一起接受 Christopher Rolland 的下一個問題。

Just following up on that as well. And Ganesh, you may have already answered this, but we are hearing about pricing increases from a bunch of your competitors across microcontroller and analog. And some of this is input costs, but some of this is also opportunistic. So I guess my first question is how you guys feel about that and whether you have a plan around pricing moving forward.

也只是跟進一下。 Ganesh，您可能已經回答了這個問題，但我們聽說您的許多競爭對手在微控制器和模擬領域都在漲價。其中一些是投入成本，但其中一些也是機會主義的。所以我想我的第一個問題是你們對此有何看法，以及你們是否有關於未來定價的計劃。

And then, Steve, I always love your big picture thoughts. So as it relates to pricing, the more pricing power that's enacted here when this all ends, does this pricing revert? Or is there something structural and you think it might be more sticky this cycle versus other cycles, just given that there are fewer competitors out there than in past decades.

然後，史蒂夫，我一直喜歡你的大局觀。因此，就定價而言，當這一切結束時，這裡制定的定價權越大，這種定價會恢復嗎？還是有一些結構性的東西，你認為這個週期可能比其他週期更棘手，只是因為那裡的競爭對手比過去幾十年少了。

Okay. So -- And I'm trying to remember -- what was the first part of the question again?

好的。所以——我試著記住——問題的第一部分又是什麼？

The first part is pricing increases from your competitors. Do you guys have a plan there? And then thoughts on bigger picture on pricing and sticking.

第一部分是競爭對手的價格上漲。你們那裡有計劃嗎？然後考慮定價和堅持的大局。

So we view pricing as a strategic exercise, not a tactical exercise. We don't subscribe to trying to raise prices just because we can. These are proprietary products. Our customers are entrusting us to be able to make their designs 2 years before they go to production. And they need to have the understanding that pricing will be thought of in a long-term perspective. And so we do the changes this year -- we did the changes this year only because of the significant increase in input costs. But on an ongoing basis, we do not view pricing as something to tactically go change. It's not a commodity product like memory products might be. These are proprietary products with strategic engagements and long-term relationships with customers, and their trust that we expect to be able to maintain. I'll let Steve answer the second half.

因此，我們將定價視為一項戰略活動，而不是戰術活動。我們不會僅僅因為我們可以就嘗試提高價格。這些是專有產品。我們的客戶委託我們能夠在他們投入生產前 2 年完成他們的設計。他們需要了解定價將從長遠角度考慮。所以我們今年進行了更改 - 我們今年進行更改只是因為投入成本顯著增加。但在持續的基礎上，我們並不認為定價是一種可以在戰術上改變的東西。它不像內存產品那樣是商品。這些是專有產品，與客戶有戰略合作和長期關係，我們希望能夠維持他們的信任。我會讓史蒂夫回答下半場。

So my feeling is that the pricing, wherever the pricing has increased, I do not see that pricing coming down longer term on the proprietary products. On some of the commodity products, if there's a lot of supply becomes available and there's a competition who's able to ship a DRAM or flash or NAND, those pricing may come down.

所以我的感覺是定價，無論定價在哪裡上漲，我都沒有看到專有產品的定價會長期下降。對於某些商品，如果有大量供應可用並且存在能夠出貨 DRAM 或閃存或 NAND 的競爭，那麼這些價格可能會下降。

But I don't see pricing on our microcontroller products, analog products, connectivity products, 98% of what we make is largely proprietary. Those prices will come down. Because when you look at the components of the pricing, the -- I don't see that fabs are going to lower the wafer cost outside fabs because they're making huge investments because of shortage, and that equipment is being placed in now and what would be the reason to lower the price later.

但我沒有看到我們的微控制器產品、模擬產品、連接產品的定價，我們生產的 98% 的產品主要是專有的。這些價格會下降。因為當你查看定價的組成部分時，我不認為晶圓廠會降低晶圓廠以外的晶圓成本，因為它們因短缺而進行巨額投資，而且設備現在和以後降價的原因是什麼。

The -- if the commodity prices come down, there's a small component of the overall cost where that will come down. And as Ganesh mentioned earlier, the labor costs are not likely to come down, the assembly test costs are not likely to come down, our internal fabrication and other costs are not going to come down. We're paying more for the equipment and that structurally stays in the cost structure. So I don't really see that the price increases that we're passing on to the customers are temporary in nature, nor are we giving that kind of impression to our customers. I think they're largely there to stay. Could there be a minor adjustment here and there if there was a significant cost downwards from the input cost perspective, then it's possible, but I don't really see it.

- 如果商品價格下跌，那麼總成本的一小部分將會下降。正如 Ganesh 之前提到的，勞動力成本不太可能下降，組裝測試成本不太可能下降，我們的內部製造和其他成本也不會下降。我們為設備支付了更多費用，並且在結構上保持在成本結構中。所以我真的不認為我們轉嫁給客戶的價格上漲本質上是暫時的，我們也沒有給客戶留下那種印象。我認為他們基本上會留在那裡。如果從投入成本的角度來看成本顯著下降，那麼是否可以在這里和那裡進行微小的調整，那麼這是可能的，但我並沒有真正看到它。

We'll take our next question from Harlan Sur with JPMorgan.

我們將從摩根大通的 Harlan Sur 那裡回答下一個問題。

The gross margin expansion has been very impressive and I know you'll be providing your long-term margin targets next week. But more near term, if I look at the December quarter guide and the last 3 reported quarters, you guys' incremental gross margins are in a pretty tight range, right, 74% to 77% fall-through, very strong, very predictable. So given that you're at full utilization and will be so at least through most of next year, is this how we should think about the gross margin expansion on incremental revenue growth kind of near term, around 75% fall through?

毛利率的增長令人印象深刻，我知道您下週將提供長期利潤率目標。但更近期，如果我看一下 12 月的季度指南和最近 3 個報告的季度，你們的增量毛利率處於非常狹窄的範圍內，對，74% 到 77% 的跌幅，非常強勁，非常可預測。因此，鑑於您處於充分利用狀態並且至少在明年的大部分時間裡都是如此，我們應該如何考慮近期增量收入增長的毛利率擴張，大約 75% 會下降？

Yes. We're never really comfortable providing that metric, right? Where it's a complex equation with many, many factories and lots of input cost changes and whatnot, labor cost increases. So we are being as efficient as we can. Obviously, PSP backlog having so much backlog in place allows our factories to be efficient in what they're doing, and we do expect gross margin to continue to rise, but don't want to take away from our messaging that we're going to give at the Investor Day next week on what the gross margin target is going to be.

是的。我們從來都不願意提供該指標，對嗎？如果這是一個複雜的方程式，有很多很多工廠和大量投入成本變化等等，勞動力成本就會增加。所以我們正在盡可能地提高效率。顯然，PSP 積壓有如此多的積壓使我們的工廠能夠高效地完成他們正在做的事情，我們確實預計毛利率會繼續上升，但不想從我們的信息中刪除我們要去在下週的投資者日上給出毛利率目標。

We also have outside manufacturing, right? So it does not have some of the same factory benefits as when we do it inside. So there's a lot of different pieces of this puzzle. And so I would not draw a straight line through whatever equation that you had for the last 3, 4 quarters. I think there are many more puts and takes and we'll give you more guidance on kind of how we see things for the longer term. But we have had good success in the last 3, 4 quarters that you've seen in the results we've posted.

我們也有外部製造，對嗎？所以它沒有一些與我們在內部進行時相同的工廠優勢。所以這個拼圖有很多不同的部分。因此，我不會通過過去 3、4 個季度的任何方程式畫一條直線。我認為還有更多的投入和投入，我們會給你更多關於我們如何看待長期事物的指導。但我們在過去 3、4 個季度取得了良好的成功，您在我們發布的結果中看到了這一點。

And even the inside factories, the gross margin goes up -- incremental gross margin is much higher when you're going from underutilized factories to full utilization. Once you're at full utilization and you're adding capital, which you're adding depreciation, then you're shipping that product, the incremental gross margin is not as high as you would think.

即使是內部工廠，毛利率也會上升——當你從未充分利用的工廠轉向充分利用時，增量毛利率要高得多。一旦充分利用並增加資本，即增加折舊，然後運送該產品，增量毛利率就沒有您想像的那麼高。

Remember, we also ship first in, first out. So even when the factory becomes full, underutilization goes away, you're still shipping product, which you built earlier when they utilize -- the increasing capital wasn't added. So now we're adding incremental capital to grow the capacity and that depreciation comes in, so therefore, the incremental gross margin still -- incremental gross margin is better than the average because you're utilizing the factory better, the management, fixed infrastructure, the ecosystem, the water, the air, everything else, you're using it more efficiently. So there is incremental gross margin, which is higher than corporate. But your metric of what it has been in the last 4 quarters may not stay.

請記住，我們也是先進先出的。因此，即使工廠滿員，未充分利用的情況消失，您仍在運送產品，這些產品是您在他們使用時較早製造的——沒有增加增加的資本。所以現在我們正在增加增量資本來增加產能並且折舊會出現，因此，增量毛利率仍然 - 增量毛利率優於平均水平，因為你更好地利用工廠，管理，固定基礎設施、生態系統、水、空氣，以及其他一切，您正在更有效地利用它。所以有增量毛利率，高於企業。但是你對過去 4 個季度的指標可能不會保持不變。

We'll take our next question from David O'Connor with Exane.

我們將與 Exane 一起接受 David O'Connor 的下一個問題。

Maybe just one follow-up, Ganesh, to your comment earlier in your prepared remarks about a license for wafer manufacturing technology on an 8-inch. What was the -- just wondering what (inaudible) so that why you need to take that license now? Was it some large design win? Or was there some change in the technology road map that really requires this or even anything around the end market where that is going and how significant it could be? That would be helpful.

也許只是一個後續行動，Ganesh，你之前在你準備好的關於 8 英寸晶圓製造技術許可的評論中的評論。什麼是 - 只是想知道什麼（聽不清），所以為什麼您現在需要獲得該許可證？這是一些大型設計勝利嗎？或者技術路線圖是否有一些真正需要這個或什至圍繞終端市場的任何變化，它的發展方向以及它的重要性如何？那會很有幫助。

Yes, so it's an 8-inch trailing-edge technology that we see having lots of legs for many years in key end markets and with key customers that the products are built on. The appetite to invest there or the priority to invest there did not rise to the level to make that investment from our partners. And so we worked to get it licensed and to be able to do it ourselves. Very consistent with what we said last time and this time that we will be increasing our capacity investments in trailing edge technologies where our partners do not see the same opportunity to invest, but we see that opportunity and priority for what we do. So that's all that it represents.

是的，所以這是一種 8 英寸的後緣技術，我們看到多年來在主要終端市場和產品所依賴的主要客戶中有很多優勢。在那裡投資的興趣或在那裡投資的優先級沒有上升到我們的合作夥伴進行投資的水平。所以我們努力獲得它的許可並能夠自己做。與我們上次和這次所說的非常一致，我們將增加對後緣技術的能力投資，我們的合作夥伴沒有看到同樣的投資機會，但我們看到了我們所做的機會和優先事項。這就是它所代表的一切。

We'll take our next question from Nik Todorov with Longbow Research.

Longbow Research 的 Nik Todorov 提出了下一個問題。

Congrats on the results. Ganesh, your comment that the growth in unsupported backlog, I think it implies that your bookings continue to accelerate or at least they're outgrowing your billings. A, is that correct? And b, if that's the case, why do you think you continue to see such acceleration or outgrowth in your bookings? And does that imply that you're seeing increasing number of expedites? Because I'm assuming that also ties up to how many -- how much product customers are asking for the current quarter.

祝賀結果。 Ganesh，你的評論是不受支持的積壓增長，我認為這意味著你的預訂繼續加速，或者至少他們正在超過你的賬單。 A、這樣對嗎？ b，如果是這樣的話，為什麼您認為您會繼續看到預訂量的這種加速或增長？這是否意味著您看到越來越多的加速？因為我假設這也與當前季度客戶要求的產品數量有關。

So you have a number of questions on what you asked and not all of them necessarily are linked. So first of all, bookings have been strong, remains strong, but we also have so much backlog in front of us that bookings are not necessarily the best indicator for where strength of the business is. Unsupported can come both from a business that is something which is booked inside of the quarter. But more often than not, what is happening is that people are pulling in their requirements. So it's already backlog we have and people would like to get it sooner than what we can provide it to them.

所以你有很多關於你問的問題，並不是所有的問題都必然相關聯。因此，首先，預訂一直很強勁，仍然很強勁，但我們面前也有太多積壓，預訂不一定是衡量業務實力的最佳指標。不受支持的業務可能來自本季度內預訂的業務。但通常情況下，人們正在拉動他們的需求。所以我們已經積壓了，人們希望比我們能提供給他們的更快地得到它。

And so a lot of factors that go into that unsupported. But the bottom line is that whatever we are able to produce and the growth that we're able to deliver, despite it being 26% year-over-year is far from what is required to meet what customers are telling us they want in a given quarter. And that keeps squeezing out and we keep shipping more every quarter, and we'll squeeze some more out in the subsequent quarters that we can't ship into this quarter. And it just reflects how demand is continuing to outstrip -- or the demand growth is continuing to outstrip the supply growth for multiple quarters, and we do not see a bending of that curve through much of 2022.

因此，很多因素不受支持。但最重要的是，無論我們能夠生產什麼以及我們能夠實現的增長，儘管同比增長 26%，但仍遠不能滿足客戶告訴我們他們想要的需求給定的季度。而且這一直在擠壓，我們每個季度都會增加出貨量，我們將在隨後的幾個季度中擠出更多我們無法運送到本季度的產品。它只是反映了需求如何繼續超過——或者需求增長在多個季度繼續超過供應增長，而且我們認為在 2022 年的大部分時間裡這條曲線不會彎曲。

We'll take our final question from John Pitzer with Credit Suisse.

我們將接受來自瑞士信貸的 John Pitzer 的最後一個問題。

I had two quick ones. Eric, just on the CapEx you guided for this year. I'm just kind of curious how we should think about next year, especially given the exit trajectory? And then Ganesh, you guys are really kind enough to give us both kind of a revenue number and an end market demand number. I'm just kind of curious of how to think -- how we should think about the relationship between the two because this quarter, it did look like your revenues were above end demand. And I'm just trying to understand what that means, especially in light of how constrained you seemed to be in the business.

我有兩個快速的。埃里克（Eric），就您今年指導的資本支出而言。我只是有點好奇明年我們應該如何考慮，尤其是考慮到退出軌跡？然後 Ganesh，你們真的很友好，可以給我們提供收入數字和終端市場需求數字。我只是有點好奇如何思考——我們應該如何思考兩者之間的關係，因為本季度，看起來你們的收入確實高於最終需求。我只是想了解這意味著什麼，尤其是考慮到你在這個行業中似乎受到了多大的限制。

So I'll start with CapEx. So CapEx, as I indicated, is the forecast is between $350 million and $400 million for fiscal '22. In our Investor and Analyst Day next Monday, we will give you some parameters in terms of how to think about CapEx and percentage of revenue on a go-forward basis. But again, not going to take away from that messaging today. So we haven't given a fiscal '23 forecast as of yet. And overall, it will depend on what the shape of the demand picture looks like and how our capacity is coming in and what is needed in the business to support customers.

所以我將從資本支出開始。因此，正如我所指出的，22 財年的資本支出預測在 3.5 億美元至 4 億美元之間。在下週一的投資者和分析師日，我們將為您提供一些參數，說明如何考慮未來的資本支出和收入百分比。但同樣，今天不會取消該消息。因此，到目前為止，我們還沒有給出 23 財年的預測。總的來說，這將取決於需求圖的形狀、我們的產能如何進入以及企業需要什麼來支持客戶。

You want to talk about end markets or do you want me to do that?

你想談談終端市場，還是想讓我來談談？

Go ahead.

前進。

So for multiple quarters, you've seen that the end market demand has been higher than the GAAP revenue that we've had. The difference this quarter is small. Distribution inventory still continue to decline by 1 day in this case. There's nothing meaningful in that number for this quarter.

因此，對於多個季度，您已經看到終端市場需求高於我們的 GAAP 收入。本季度的差異很小。在這種情況下，分銷庫存仍繼續下降 1 天。這個季度的這個數字沒有任何意義。

Well, it's basically constrained by distribution inventories. They don't have much to ship. What they have left is really all slower-moving slugs, they need a lot of new product from us to be able to increase the end market demand. And in some cases, I guess some of the product has been prioritized to PSP customers, and there is more direct PSP backlog than the distribution backlog. Significantly more direct customers have gone PSP than through distribution. So therefore, much more of the product has been skewed towards direct to customers and distribution would like more, but there is no capacity. So I think that's limited.

好吧，它基本上受到分銷庫存的限制。他們沒有太多東西要運送。他們剩下的真的都是滯銷的，他們需要我們提供很多新產品來增加終端市場的需求。在某些情況下，我猜某些產品已優先提供給 PSP 客戶，並且直接 PSP 積壓比分銷積壓更多。選擇 PSP 的直接客戶明顯多於通過分銷渠道。因此，更多的產品傾向於直接面向客戶，分銷商想要更多，但沒有能力。所以我認為這是有限的。

That makes a lot of sense, Steve. I think we're all learning that perhaps supply chains are a little bit more complex than we once thought.

這很有道理，史蒂夫。我認為我們都在了解到，也許供應鏈比我們曾經想像的要復雜一點。

Yes, exactly.

對，就是這樣。

Ladies and gentlemen, this does conclude today's question-and-answer session. At this time, for closing remarks, I'd like to turn the conference back to Mr. Moorthy. Please go ahead.

女士們，先生們，今天的問答環節到此結束。在這個時候，為了結束髮言，我想把會議轉回給 Moorthy 先生。請繼續。

Well, thank you, everyone, for attending. We look forward to providing you a lot more insight on Monday when we had the investor and analyst meeting. And we will be doing some of the circuit during the quarter as well for other investor meetings. Thank you.

嗯，謝謝大家的出席。我們期待在周一召開投資者和分析師會議時為您提供更多見解。我們將在本季度以及其他投資者會議上進行一些巡迴演出。謝謝。

Ladies and gentlemen, this concludes today's conference. We appreciate your participation. You may now disconnect.

女士們，先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連接。